The researchers of Sophos cybersecurity found a Bitcoin wallet that was filled with tokens worth nearly $1.4 million that was accumulated through cryptocurrency trading scams. It was found that the Bitcoin scammers target iPhone users through dating apps like Bumble and Tinder. Along with stealing the crypto of the users, the scammers were also compromising with the personal data of the iOS users as claimed by the cyber team of Sophos. The threat that these crypto scammers triggered has been provided by a code name and that is “CryptoRom” by Soposh. According to a senior threat researcher at Sophos, Jagdeesh Chandraiah,
“Once they’ve made contact with a target, the attackers suggest continuing the conversation on a messaging platform. They then try to persuade the target to install and invest in a fake cryptocurrency trading app.”
According to the reports of the Global Fraud campaign, the crypto scammers who have not been identified yet have been targeting the users in Asia and are now expanding their area of operation in the US and as well as in Europe. Time is not far when there will be international cryptocurrency trading scams.
As per Sophos, in the case of Bitcoin scammers target iPhone, the attackers also took authority over the iPhone models of the victims by accessing their profiles on fake crypto trading apps. These malicious and unverified apps were distributed on the internet through a fake Apple website that looked similar to the bank sites.
As per the Sophos report,
“From news reports, we learned one victim lost $87,000 (roughly Rs. 65 crores). There are additional news reports in the UK of these scams, with one victim losing $45,000 (roughly Rs. 33.8 lakhs) to a scammer who contacted them through Facebook, and another who lost $25,000 (roughly Rs. 18.2 lakhs) after being scammed by someone who contacted through Grindr.”
Researchers have warned the users of crypto to use only verified cryptocurrency trading apps and exchanges that are available on the Apple Store in order to carry on secure crypto transactions. Earlier this April, a report had asserted that the complete crypto crime in 2020 has totaled to nearly $10.52 billion which is roughly Rs. 79,194 crores. The same report has also showcased that frauds and scams that have occurred in the crypto space are a crucial issue that has made 6.8% of the total cryptocurrency scam in 2020.
The Bottom Line
A cybersecurity firm, Sophos found out that the Bitcoin scammers target iPhone and crypto that was worth $1.4 million were gathered through these scams. It was primarily carried out through the dating apps like Tinder and Bumble which later took the victims to fake apps of crypto trading where they lost their crypto and also compromised their personal details.